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It is not necessary that such an algorithm should exactly reproduce published business cycle dates but it should give a reasonable match. Just as for monetary. The reference dates of the United States' business cycles are determined by the Business Cycle Dating Committee of the National Bureau of Economic.
Journal of Economic Dynamics and Control, 27 9pp. A Kalman filter approximation is used to derive the dating rules implicit in such models. We compare these with dating rules in an algorithm that provides a good approximation to the chronology determined by the NBER.